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GSPC reports EBIDTA of Rs. 489.48 Crores; Expects increased production
The Flagship Company of GSPC Group, Gujarat State Petroleum Corporation (GSPC), has reported an EBIDTA of Rs. 489.48 Crores.
● Reports a Profit Before Interest & Exceptional Items of Rs. 313.02 crores for FY 2015-16
● Hydro-fracturing (HF) technology successful in the 4th well of DDW Field of the KG Basin
● HF Technology used for the 1sttime in India in high pressure & high temperature offshore environment at a depth of 5,000 meters below sea bed
● Significant increase in gas production from the DDW Field expected
Gandhinagar: The Flagship Company of GSPC Group, Gujarat State Petroleum Corporation (GSPC), has reported an EBIDTA of Rs. 489.48 Crores. The Profit Before Interest and Exceptional Items stood at Rs. 313.02 crores on a standalone basis in fiscal 2015-16 against the previous year’s figures of Rs. 583.85 Crores.
The company recorded income from operations of Rs. 10,607.30 crores on a standalone basis in the current financial year as against previous year’s income from operations of Rs. 10,946,30 crores.
“The decrease in total revenues and operating profits compared to previous year is mainly attributable to heavily skewed margins in the gas trading segment due to global meltdown in crude prices during the year” quoted Dr. J. N. Singh, IAS, Managing Director, GSPC.
The Company is sparing no effort for bringing its KG Block’s Deen Dayal West Field on commercial production mode. The DDW Field is a technologically challenging field with characteristics such as High Pressure, High Temperature and Low Permeability. After having completed first 3 wells on conventional perforation methods, the company has carried out successful Hydro-fracturing in its 4th well. Hydro-fracturing is a well stimulation technique in which the well-rock is fractured by a pressurized liquid. It involves high pressure injection of ‘Fracking Fluid’ into a wellbore to create cracks in the deep-rock formations, through which natural gas will flow more freely.
It is first time in India that the HF Technology was used in the HPHT offshore environment at a depth of 5,000 meters below sea bed. Internationally renowned firms such as Halliburton, Barry & Associate, E-frac and Xodus were employed for HF activities. The Company has carried out four stages of hydro-fracturing in Fourth well at a pressure of 13,000 PSI (i.e. approx 900 times more than the atmospheric pressure) and has successfully pumped proppants in the HF zones. The well is under cleanup and testing. The successful completion of the HF process is expected to significantly increase production from the DDW field.
The company has, however, reported a net loss (after tax) of Rs. 804.42 crores mainly due to extraordinary items such as writing-off of exploration expenditures and impairment carried out in accordance with accounting standards. A total of Rs. 1181.62 crores was attributable to these extraordinary items. The company wrote off an amount of Rs. 686.88 crores pertaining to domestic exploration activities while an amount of Rs. 97.39 crores was written off as diminution in investment in its subsidiary – GSPC JPDA Limited that was partner in an Australian Block.
